Singapore — Oil prices fell by about 1% on Thursday on swelling US supply and amid a cautious reaction to trade talks between the US and China, the world’s two largest oil consumers, that finished without concrete details to ending their dispute. US West Texas Intermediate (WTI) crude oil futures were at $51.80 a barrel at 4.32am GMT, down 56c, or 1.1%, from their last settlement. International Brent crude futures were down 0.9%, or 57c, at $60.87 a barrel. Both oil benchmarks rose by about 5% the previous day as financial markets around the world surged on the hope that Washington and Beijing may soon be able to end their trade dispute, soothing the fear of an all-out trade war between the two biggest economies and its possible impact on global growth. By Thursday, however, the positive feelings ebbed because of a lack of details on the talks despite a warm statement from China on the outcome, and financial markets took a breather from the rally. Vandana Hari of consultancy Vanda I...
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